Possible trade idea for CAD/JPY
When we look at the chart we can see that the price is moving upwards and that we have a wedge forming.
What I want to do now is trade here and see when we have another touch of the wedge that we than go long with a small trade with 2 take profit levels.
I would advice to only risk 0.5% for this trade.
Entry level could change because we don't know when the price is going to hit the wedge again. So you just need to look at the chart because the entry here is just around the price I think it is going to be.
Entry: 111.774
SL: 111.579
TP1: 112.135
TP2: 112.295
When we have a hit of take profit 1 I would suggest to move SL to entry.
What I want to do now is trade here and see when we have another touch of the wedge that we than go long with a small trade with 2 take profit levels.
I would advice to only risk 0.5% for this trade.
Entry level could change because we don't know when the price is going to hit the wedge again. So you just need to look at the chart because the entry here is just around the price I think it is going to be.
Entry: 111.774
SL: 111.579
TP1: 112.135
TP2: 112.295
When we have a hit of take profit 1 I would suggest to move SL to entry.
Trade closed: target reached